The proposed merger of Copperstone Resources (VSE) and Canmex Minerals (VSE) will allow the companies to combine their property interests in the Boleo copper-cobalt district of Baja California Sur, Mexico.
Under the agreement, one share of Copperstone will convert to 0.8 share of the amalgamated company, while each share of Canmex will convert to 1.25 shares of the amalgamated company.
Copperstone’s Boleo ground is held under an option giving it the right to earn an 80% interest from Island-Arc Resources (VSE).
Island-Arc has agreed to exchange its interest in the property for 5.3 million shares of the newly amalgamated company.
Drilling by Copperstone and Island-Arc on the Lucifer concessions in the northwestern part of the Boleo district returned sediment-hosted copper-cobalt intersections over a zone measuring 1,000 by 850 metres, including one hole (95-14) which assayed 1.01% copper and 0.039% cobalt over 30.7 metres.
The Copperstone-Canmex ground surrounds International Curator Resources’ Boleo project, where a geological resource of up to 537 million tonnes grading 0.73% copper and 0.054% cobalt has been outlined. Curator is conducting feasibility work for an open-pit copper-cobalt leaching operation at its Boleo project.
Lawrence Roulston, president of Canmex, expects to complete the merger in August and says the two companies are working on raising about $5 million to fund a major drilling program.
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